Philadelphia, Pennsylvania--(Newsfile Corp. - November 13, 2023) - Berger Montague, with offices in Toronto, Canada and throughout the United States, advises investors that a securities fraud class action lawsuit has been filed against Li-Cycle Holdings Corp. ("Li-Cycle") (NYSE: LICY) on behalf of purchasers of Li-Cycle securities between June 14, 2022 and October 23, 2023, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Li-Cycle securities during the Class Period may, no later than January 8, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (267) 637-3176, or Andrew Abramowitz at [email protected] or (215) 875-3015, or CLICK HERE.
Headquartered in Toronto, Canada, Li-Cycle is a battery resource recovery company and lithium-ion battery recycler which recycles battery manufacturing scrap and end-of-life batteries. In March 2022, Li-Cycle announced that it had received the necessary permits and had begun construction of a post-processing facility in Rochester, New York (the "Rochester Hub").
However, on October 23, 2023, before the market opened, Li-Cycle issued a press release, entitled "Li-Cycle Announces Review of the Rochester Hub Project," in which the company announced that it had experienced an increase in construction costs that exceeded prior guidance. As a result, the Board of Directors paused "construction work on the Rochester Hub, pending a review of the project, including an evaluation of the go-forward phasing of its scope and budget, including construction strategy."
Following this news, Li-Cycle shares declined by $1.04, or approximately 45.81%, to close at $1.23 per share on October 23, 2023, on unusually heavy trading volume.
According to the complaint and throughout the Class Period, the defendants failed to disclose to investors that: (1) Li-Cycle's Rochester Hub was experiencing escalating construction costs; (2) these "escalating construction costs" exceeded the expected aggregate cost of the project; and (3) as a result, Li-Cycle would be forced to temporarily halt construction and reevaluate the construction strategy for the Rochester Hub.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Toronto, Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Morganti, Member
(647) 598-8772 (Canada)
(202) 948-4745 (U.S.)
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187228